The Oilholic finds himself in the UAE for the 2019 Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), rounding up day one of the global event with more than a packed agenda to report back.
Dr Sultan Ahmed Al Jaber, CEO of the Abu Dhabi National Oil Company (ANDOC) got things going on Monday noting how Industry 4.0 is creating a "paradigm shift in global growth and energy demand."
"Oil and gas will play, as an essential part of the broader energy mix, in enabling tomorrow’s global economy. We have to admit some realities - our industry is being disrupted by new technologies, new forms of energy, a new geopolitical order. This disruption is only beginning and will gather pace," he added.
Rubbing shoulders with attendees, expected to number 150,000 over the next few days, were several VIPs both foreign and domestic, and day one included sessions with the OPEC Secretary General Mohammed Barkindo, Indian oil minister Dharmendra Pradhan, BP Boss Bob Dudley, Eni’s Claudio Descalzi, and Total’s Patrick Pouyanné to name a few.
And former US Secretary of State Condoleezza Rice told ADIPEC attendees the post World War II "established" economic model "is under strain [and] threat" from terrorism, cyber threats & global power rivalries.
Away from the VIPs, quite a bit of "Oil and Gas 4.0" kit was on display alongside hydrogen cars
, automation equipment and analytics platforms for integrated asset management, interspersed with nuts, bolts and pipeline joints.
Finally, day one was also timed to coincide with the official launch of the Abu Dhabi oil futures, that sees ADNOC partner with exchange group ICE, major oil companies, refiners and trading house Vitol.
The idea is an ambitious one of establishing Murban – Abu Dhabi's signature crude – as a potential oil benchmark. Here is some background to the development from the Oxford Institute for Energy Studies. (MS Word Download here
Elsewhere, at the ADIPEC Awards, BP's Dudley, who is due to retire
as the oil and gas major's CEO next year, was awarded a lifetime achievement award for his commitment to the energy industry.
That's all for the moment folks, more from here over the coming days. The Oilholic will be moderating and speaking on days two and three as the event gathers further momentum. Keep reading, keep it ‘crude’!
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© Gaurav Sharma 2019. Photo I: Exhibition Hall at ADIPEC 2019. Photo II: Drone on display at ADIPEC exhibition © Gaurav Sharma 2019.